Looks like San Diego life sciences and tech investment firm Avalon Ventures is in the midst of compiling its eleventh fund, looking to raise $300 million.
Fund XI, according to an SEC filing, has raised $103.5 million of the proposed $300 million from 26 investors.
This new fund is more ambitious than Avalon’s previous attempts at raising capital: The company’s tenth fund, closed in 2012, was worth up to $250 million, though it looks like it closed out at $201 million.
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The biotech investment landscape has changed, of course, since 2012. On top of that, Avalon has made some bold investment choices in the past few years – highlighted in part by its partnership with GlaxoSmithKline, launched in 2013, that will fund 10 new life sciences startups. Notably, one of its portfolio companies, AnaptysBio, filed for an $86 million IPO just last week.
Outreach to Avalon Ventures to discuss the firm’s forthcoming investment plans has yet to be returned.